贵金属：贵金属日报-20251202

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The current strong performance of silver prices is more influenced by the macro - level than the spot - level. The silver price is expected to continue to rise significantly next week, with attention focused on the upper pressure level of 14,500 yuan/kg. If the price weakens during the day, timely profit - taking is recommended. New long positions or short - selling at high prices in this stage carry significant risks. For Shanghai Gold, it is in a breakthrough pattern at the end of the triangle convergence, and the strategy suggests buying on dips. The reference operating range for the main contract of Shanghai Silver is 12,366 - 14,500 yuan/kg, and for the main contract of Shanghai Gold is 927 - 982 yuan/g [3]. - The release of US key economic data worse than expected has further boosted the market's pricing of the Fed's loose monetary policy, driving the strong performance of silver prices. The weakness of the US manufacturing industry has increased the market's pricing of overseas recession expectations, and the possible nomination of Hassett as the new Fed Chairman may also impact the US dollar's credit, which is why silver, as a monetary metal, shows a strong price [2]. 3. Summary by Related Content Market Quotes - Shanghai Gold rose 0.66% to 964.72 yuan/g, and Shanghai Silver rose 5.08% to 13,766.00 yuan/kg. COMEX Gold was reported at 4265.60 dollars/ounce, and COMEX Silver was reported at 58.33 dollars/ounce [2][5]. - On December 1, 2025, compared with November 28, 2025, in the gold market, COMEX Gold's closing price (active contract) rose 0.20% to 4265.00 dollars/ounce, trading volume rose 49.08% to 22.35 million lots, and open interest rose 0.05% to 48.58 million lots. In the silver market, COMEX Silver's closing price (active contract) rose 2.39% to 58.45 dollars/ounce, trading volume rose 77.90% to 361.93 million lots, and open interest rose 3.57% to 17.24 million lots [7]. Market Analysis - As of yesterday afternoon, the open interest of the COMEX silver near - month December contract was only 2907 lots, equivalent to 452 tons of physical silver, and the total inventory of COMEX silver was 14,183 tons as of December 1, much higher than the open interest of the near - month contract, so there is no short - term "delivery difficulty" in the overseas silver market. The one - month spot lease rate of London Silver is 6.64% as of today, far lower than the 40% high in early October, indicating limited tightness in the overseas silver spot market [3]. Strategy Suggestions - For silver, the price has entered an accelerated upward phase. Pay attention to the upper pressure level of 14,500 yuan/kg. If the price weakens during the day, stop profit in time. Avoid opening new long positions or short - selling at high prices. For gold, since Shanghai Gold is in a breakthrough pattern at the end of the triangle convergence, buy on dips. The reference operating range for the main contract of Shanghai Silver is 12,366 - 14,500 yuan/kg, and for the main contract of Shanghai Gold is 927 - 982 yuan/g [3].